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Community & Economic <br />68(2-) <br />UTg <br />,\11"111 ;! i O <br />Development <br />• 1. {S <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: South Bend Redevelopment Commission <br />From: Don Inks <br />f✓ <br />Subject: Reimbursement Resolution with City for Costs Related to Chase Tower <br />Date: December 9, 2011 <br />Negotiations are continuing with a potential developer of the Chase Tower Building. Should the <br />City reach an agreement to financially participate in the renovation of Chase Tower it would be <br />necessary to close the transaction quickly. To keep open the possibility of a quick closing the City <br />has scheduled a special meeting of the Common Council for 12/19/11 to consider an appropriation of <br />up to $5.7 million. A part of the presentation to the Common Council would be this proposed <br />Reimbursement Resolution. <br />The Resolution itself would pledge new tax increment revenue from the Chase Tower Building to <br />reimburse the City for its expenditures related to acquiring a real estate interest in the Chase Tower <br />parking garage. Existing increment currently being collected from the Chase Tower would remain <br />with the downtown TIF, while any new increment generated by the improvements to the property <br />would be pledged to reimburse the City. <br />Chase Tower Reimbursement Agreement 12.9. l l .doc What We Do Today Makes A DM%nemm I <br />